Mr Timis has past heroin convictions and has limitations placed on him by the Toronto Stock Exchange.

Speaking from Greece, where he is on a business trip, Mr Sage said he was happy with the ASX appeal tribunal's decision and that the situation should never have arisen.

"My staff have taken abusive phone calls now for five or six months from normal shareholders and it didn't have to happen," Mr Sage said.

He said the situation could have been avoided if the ASX had communicated better with him and Mr Timis.

"Mr Timis has offered five or six times to meet the ASX in Sydney and on each occasion they have refused," Mr Sage said.

"There was a lack of consultation and a lack of communication that has just been the hallmark of this period in our lives."

Since the ASX made its decision, IPL has taken steps to be listed on a rival bourse, the National Stock Exchange of Australia (NSX).

Mr Sage said that listing would continue and it was possible IPL would be dual listed on both the ASX and NSX now his appeal had been successful.

He said he was hoped IPL and Global Iron would be tradeable on the ASX again soon.

"The ASX has confounded us for six months now ... so you never know," he said.

Mr Sage said Cape Lambert Resources Ltd could also be indirectly impacted by the ASX's latest decision because Mr Timis is the largest shareholder in a company called African Minerals, which is Cape Lambert's largest shareholder.

Mr Sage is chairman of Cape Lambert Resources.

At 1200 AEST Global Iron and IPL remained in a trading halt, while shares in Cape Lambert were down one cent, at 43 cents.